Just an idea for possible long positions on
DRIP
for a long-term swing. There's room for more downside, possibly to the next leg of support, as I've added by the pitchfork trendline entries.
As we've not seen an actual bottom yet, it's all speculation at this point, but oil (for vehicles and shipping) is slowly being pushed to the margins; and with an increased chokehold on crude and the tax hikes across the states in the US that use it the most for commercial and consumer applications, a shift towards alternatives would help propel a bearish sentiment.
This of course is just my speculation, I have made an entry, and plan on another if it doesn't hold. Any questions, feel free to ask.
Also, possible inverse H&S forming on the Daily chart.
DRIP
for a long-term swing. There's room for more downside, possibly to the next leg of support, as I've added by the pitchfork trendline entries. As we've not seen an actual bottom yet, it's all speculation at this point, but oil (for vehicles and shipping) is slowly being pushed to the margins; and with an increased chokehold on crude and the tax hikes across the states in the US that use it the most for commercial and consumer applications, a shift towards alternatives would help propel a bearish sentiment.
This of course is just my speculation, I have made an entry, and plan on another if it doesn't hold. Any questions, feel free to ask.
Also, possible inverse H&S forming on the Daily chart.
Comment:
just to note: the paths were drawn more for my reference, in all actuality, the bottom path would occur ~40% sooner than what's shown, which would line up an Aug 2023 resistance test, with the August 2018 resistance.